Analysts are weighing in on semiconductor stock Nvidia Corporation (NASDAQ:NVDA), alternative energy company Canadian Solar Inc. (NASDAQ:CSIQ), and immunotherapy concern Dynavax Technologies Corporation (NASDAQ:DVAX). Here's a quick roundup of today's bullish brokerage notes on shares of NVDA, CSIQ, and DVAX.
Nvidia stock is on pace to hit record highs today, rising 4% in electronic trading, thanks to another impressive earnings report from the chipmaker. There's been plenty of post-earnings analyst attention, too, including Instinet upping its rating to "neutral" from "reduce" and BofA-Merrill Lynch raising its price objective to $251 from $210.
As of last night's close at $205.32, the shares were already up close to 200% during the past year. However, short-term options traders were unusually put-skewed going into the event, according to NVDA's Schaeffer's put/call open interest ratio (SOIR) of 1.20, which ranks in the 82nd annual percentile.
Canadian Solar yesterday reported better-than-expected third-quarter revenue, and Roth Capital followed this up with an upgrade to "buy" and a $24 price target. On the other hand, J.P. Morgan Securities lowered its price target by $1 to $15.
CSIQ shares fell sharply yesterday but found support at the 40-day moving average, closing at $16.84 -- up 46.2% year-over-year. The stock is set to open up more than 3%, and short sellers could continue covering. These bearish bets declined by 8.6% in the last two reporting periods, but the nearly 5 million shares still dedicated to short interest is 7.3 times the equity's average daily trading volume, so there's plenty of buying power on the sideline that could come in and provide tailwinds.
Dynavax Technologies is already up more than 400% in 2017, settling yesterday at $20.05, and the shares are up another 9% before the open. The move comes after the Food and Drug Administration (FDA) last night approved the company's hepatitis B vaccine. Cantor Fitzgerald and J.P. Morgan Securities are expecting even more upside, raising their respective price targets to $25 and $31 -- both of which sit in territory not charted in more than a year.
This positive price action should be well received by options traders, who've remained focused on long calls. This is according to its 10-day call/put volume ratio of 2.88 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), revealing nearly three DVAX calls have been bought to open for every put.